France looks to ban influencers from promoting crypto products, projects
French National Assembly Economic Committee agreed to ban Influencers promoting and promoting unauthorized crypto products and projects on social media.
This ban is part of Bill No. 1. 790 is the French government’s solution to combat fraud and “excess” carried out by influencers on platforms such as Instagram and YouTube. It was presented to Parliament by Rapporteurs Arthur Delaporte and Stephen Vojetta.
building 790 was adopted by majority vote on March 22, has passed the initial review stage, and will now be reviewed and voted on by Congress and the Senate.
Virtual ban on all crypto promotions
As of March 22nd, no cryptocurrency company has been licensed under the required terms by the French financial regulator.
This essentially means that the bill will effectively ban French influencers from talking about cryptocurrency-related projects and companies. The move puts digital assets under the same regulatory umbrella as gambling, pharmaceuticals and cosmetic surgery.
According to the bill, violators of the new law will face up to two years in prison and a fine of €30,000. Additionally, a convicted influencer will not be allowed to use her media socially or continue her career.
French influencer caught in scam
Recently, several French social media personalities have come under attack for a variety of reasons, from promoting shady cryptocurrency projects to more criminal things like masterminding cryptocurrency scams and benefiting from scams. .
In January, more than 100 people filed a class action lawsuit against a couple of French influencers living in Dubai, alleging they promoted a fraudulent crypto investment and trading platform.
The lawsuit further alleges there are additional influencers who were part of the scammer’s “ring”. My account has been suspended by Meta. report at the time.
Meanwhile, in 2022, blockchain research firm ZachXBT revealed on-chain data linking fraudulent funds in a lag pull with famous French influencer Laurent Correia.